Shares of Interliant (Nasdaq: INIT), which provides Web-hosting services for small businesses, had a strong trading session after the company went public on Thursday. The initial public offering priced at $10 — the middle of its range.
The stock closed up 6-13/16 to 16-13/16, a gain of more than 68 percent, however the fact that the offering didn’t price on the high end of its range had some investors concerned.
Nonetheless, Interliant’s gain was impressive, especially when taking into the account the fact that the company is part of a highly competitive market that includes major players — like Mindspring (Nasdaq: MSPG), for example. Shares of Mindspring, incidentally, climbed 8-1/16 to 53-5/16 on Thursday.
It looks like investors believe that there’s no shortage of businesses that need Web-hosting services. They could be right.